FX.co ★ Bitcoin Goes For New All-Time Highs

Bitcoin increased to $28,387 on Sanday, registering a new historical high. The price is strongly bullish and it could resume its uptrend after the current minor retreat.

Technically, BTC/USD is expected to jump higher to approach and reach fresh highs as the uptrend is intact and unharmed. Fundamentally, the COVID-19 crisis helped the bitcoin price to increase, while a potential global economic crisis could lift the price as well.

BTC/USD Ready For A Bullish Momentum!

As you can see on the H4 chart, the price is trading above the major uptrend line and above the minor black uptrend line. So, the outlook will be bullish as long as it stays above these dynamic support lines.

The rate increased as expected after closing above the $24,300 static resistance, a former high. The price decreased, but it failed to reach the Pivot Point ($25,510) signaling strong buyers.

The short term bias is bullish as long as it stays above the Pivot Point and above the minor uptrend line. The R1 ($29,114) and the R2 ($31,993) could be used as upside targets.

BTC/USD Tips

The current sideways movement above the PP (25,510) could help you to catch a new bullish momentum. Its failure to reach the PP could represent a buying signal as the price could approach at least the $28,387 historical high.

BTC/USD failed to approach and retest the minor uptrend line in the last attempts announcing potential sharp growth.